Posted on May 07, 2017

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, was awarded the Product Innovation Award under the Islamic Finance category from Global Finance. The award recognized QIB’s efforts in introducing innovative sharia compliant products that meet customers’ needs by providing them with long-term deposits with flexible profit payment options.

The long-term deposits, with flexible profit payment options and higher expected yields, give customers the chance to choose how they want to receive the profit on their deposit: Upfront Profit Payment, Monthly, Quarterly or at Maturity. QIB manages and invests the funds on Murabaha basis, to realize the best profit. With the flexible profit payment options introduction, customers can decide which frequency matches their own financial and liquidity needs. Customers do not have to wait for long periods to start receiving profits and their liquidity requirements are met without the need to break a term deposit. The tenors of the offered term deposits are one year, 2 years, 3 years and 5 years. Longer tenors have better expected profit rates and customers can get QIB financing for up to 90% of the deposit value at a competitive rate.

“To improve the customer experience we offer, innovation is key,” commented QIB’s Group CEO Mr. Bassel Gamal. “We’re pleased that our commitment to product innovation has been recognized. Through market research, we are able to tailor our services to meet and even exceed our customers’ expectations. We would like to thank our customers for their trust and loyalty to QIB. Over the past few years, QIB has been investing in evolving the Bank’s products and services to meet the growing needs of all customers. The Bank is improving the banking experience it offers, having completed the installation of a brand new core banking system last year and embarking on a new journey to further simplify and digitalize its services.”

“We are pleased to be representing the Qatar banking industry in the innovators award. This particular award is a testament of our excellent track record in delivering a high quality banking experience as we continue to focus on offering innovative Islamic banking products and services to our customers ”added Mr. Bassel Gamal.

The Global Finance magazine, headquartered in New York, is a reputable source for developments in the financial industry. Each year Global Finance selects the best financial institutions around the world. These awards have become a recognized and trusted standard of excellence. Global Finance magazine has announced The Innovators 2017 - Islamic Finance, this is the publication’s second annual listing of sharia-compliant financial institutions and service providers that have fully recognized the critical importance of product and service innovation together with technology enhancement and investment.

QIB’s profit grew by 12.8% reaching QAR 555 million for three months ending on March 31, 2017 compared to same period last year. QIB assets currently stand at QAR 143.3 Billion having grown by 9.1% on a year on year basis. Financing activities have reached QAR 99.5 Billion having grown by 9.3% compared to March 2016. Total Income reached QAR 1,496 Million compared to a Total Income of QAR 1,287 Million during the same period of last year registering a growth of 16.3%. The Bank has been recognized by the industry receiving multiple awards from highly reputable entities. Recently, QIB won the “Best Islamic Financial Institution in Qatar and the GCC” award from Global Finance cementing its position as a leading Islamic Bank in Qatar and a major player in the regional Islamic banking sector.